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Integrated Financial Holdings, Inc. Third Quarter 2023 Financial Results

RALEIGH, N.C., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Integrated Financial Holdings, Inc. (OTCQX: IFHI) (the “Company” or “IFHI”), the financial holding company for West Town Bank & Trust (the “Bank”), released its financial results for the three and nine months ended September 30, 2023. Highlights from the 2023 third quarter results include the following:

  • Third quarter net income of $2.4 million, or $1.06 per diluted share compared to a third quarter 2022 net loss of $7.5 million, or $(3.45) per diluted share. Year-to-date net income of $8.3 million or $3.69 per diluted share compared to a net loss of $2.6 million or $(1.18) per diluted share in the prior year.
  • Net interest income of $5.6 million for the third quarter of 2023, compared to $5.7 million for the same period in 2022. For the year, net interest income was $16.8 million compared to $16.0 million for the same nine-month period in 2022.
  • Return on average assets of 1.97% and 2.36% for the three and nine-month periods ending September 30, 2023, compared to -6.97% and -0.79% for the same periods in 2022.
  • Return on average tangible common equity (a non-GAAP financial measure) of 12.38% and 15.26% for the three and nine-month periods ending September 30, 2023, compared to -43.36% and -4.86% for the same periods in 2022.

The third quarter of 2023 showed positive results from a continued effort to improve efficiency as the Company continues to streamline operations and reduce overhead costs. The efficiency ratio in the third quarter of 2023 was 69.6% compared to 189.7% for the same period in 2022. It should be noted that the 2022 third quarter was materially impacted by a $10.0 million litigation expense, which was disclosed in detail in the Company’s second quarter 2022 earnings release. Excluding the $10.0 million litigation expense in 2022, third quarter 2023 noninterest expenses were still an improvement of $3.5 million period over period. Total noninterest expense was down $16.9 million or 41% from 2022 to 2023 resulting in an efficiency ratio of 66.5% for the nine months ended September 30, 2023, compared to 106.4% for the same period in 2022. Excluding the 2022 litigation expense, noninterest expenses for the nine-month period ended September 30, 2022 would have been $30.9 million and the efficiency ratio would have been 80.4% for an improvement in 2023 of $6.9 million or 22%.

In reflecting on the third quarter of the year, Marc McConnell, Chairman, President, and CEO of IFHI, stated: “We are excited by our strong earnings in the third quarter which are primarily attributable to the continually improving efficiency of our operations and the consistent performance of strategic growth initiatives. Quarter to quarter, our efficiency ratio continues to improve as recurring expenses decrease and recurring non-interest income remains steady. The approximately 2% return on average assets and the consistency of these trends is even more encouraging within the context of this year’s turbulent economic environment, particularly for government-guaranteed financing as interest rates fluctuate. Our ability to steadfastly improve earnings performance in light of external challenges reinforces confidence in this year’s strategic plan to right-size the company. With the end of the year approaching, we remain focused on maintaining a sustainable trajectory for continued growth while increasing shareholder value in the new year and beyond.”

BALANCE SHEET
On September 30, 2023, the Company’s total assets were $499.2 million, net loans held for investment were $340.7 million, loans held for sale (“HFS”) were $37.9 million, total deposits were $392.4 million and total shareholders’ equity attributable to IFHI was $96.4 million. Compared with December 31, 2022, total assets increased $51.3 million or 11%, net loans held for investment increased $46.7 million or 16%, HFS loans increased $3.6 million or 10%, total deposits increased $79.2 million or 25%, and total shareholders’ equity attributable to IFHI increased $8.9 million or 10%. Cash and cash equivalents decreased $218,000 or 1% since the prior year-end. The Bank has continued to see growth in loans held for investment primarily as a result of activity in the Government Guaranteed Lending (“GGL”) type loans. Noninterest bearing deposits have decreased by $21.4 million or 23% since December 31, 2022, resulting largely from the Company’s decision to discontinue banking two industries the Company had previously targeted. The increase in total shareholders’ equity since December 31, 2022, was primarily associated with earnings. The market value of the available-for-sale investment portfolio has decreased by $674,000 since year end as a result of changing rate expectations with the accumulated other comprehensive loss component of equity related to the change in market pricing at $2.3 million at December 31, 2022 and $3.0 million at September 30, 2023. The Company does not have any investments in its portfolio treated as held-to-maturity being carried at cost.

CAPITAL AND LIQUIDITY STRENGTH
At September 30, 2023, the regulatory capital ratios of West Town Bank & Trust exceeded the minimum thresholds established for well-capitalized banks under applicable banking regulations.

 "Well Capitalized" MinimumBasel III Fully Phased-InWest Town Bank & Trust
Tier 1 common equity ratio6.50%7.00%13.29%
Tier 1 risk-based capital ratio8.00%8.50%13.29%
Total risk-based capital ratio10.0010.50%14.50%
Tier 1 leverage ratio5.004.00%11.98%
    

Primarily as a result of net income, the Company’s book value per common share increased from $38.69 as of December 31, 2022, to $41.98 at September 30, 2023. The Company’s tangible book value per common share (a non-GAAP financial measure) also increased from $30.36 as of December 31, 2022, to $33.99 at September 30, 2023, primarily as a result of net income.

Total deposits increased by $79.2 million since December 31, 2022 and by $67.3 million over the past twelve months. The Bank funds its loan growth primarily with a blend of customer deposits and wholesale funding and has a wide variety of customers and industries in its portfolio. The Bank also offers services that provide FDIC coverage for its customers in excess of the $250,000 limit. As of September 30, 2023, the average deposit account size was $100,000, and uninsured deposits excluding those required for debt service were $41.8 million or roughly 11% of total deposits.

The Bank’s primary on-balance sheet liquidity consists of cash and cash equivalents along with unpledged available for sale investment securities, which totaled $49.9 million as of September 30, 2023. Additionally, the Bank maintains fully collateralized credit facilities with the Federal Home Loan Bank of Chicago (“FHLB”) and the Federal Reserve. As of September 30, 2023, the FHLB credit facility had an available borrowing capacity of $53.6 million with no outstanding balance. The Federal Reserve had an available borrowing capacity of $51,000 with no outstanding balance. In addition, the Bank had $18.5 million in additional borrowing capacity with other financial institutions. In aggregate, total primary on-balance sheet liquidity and total available borrowing capacity was 292% of the amount of uninsured deposits (excluding those required for debt service) as of September 30, 2023.

Additionally, the Bank’s business model includes the origination and sale of GGL loans, a process which occurs each month and can be accelerated or slowed down based on the Bank’s current funding needs. At September 30, 2023, the Bank had $37.9 million in loans available for sale, which could generate additional liquidity as needed.

ASSET QUALITY
The Company’s nonperforming assets to total assets ratio increased from 1.04% at December 31, 2022, to 2.87% at September 30, 2023. Nonaccrual loans at September 30, 2023 increased $9.3 million or 205% as compared to December 31, 2022. The increase was primarily related to one relationship for $7.4 million secured by a property with a value of approximately $12.0 million. We believe there is strong secondary support of the guarantors, and the Bank has not reserved against the loan given the estimated value of the collateral securing the loan. The Bank held $101,000 in foreclosed assets as of September 30, 2023 and December 31, 2022.

During the third quarters of 2023 and 2022, the Company recorded provisions for credit losses of $50,000 and $320,000, respectively. The Company recorded $43,000 in net recoveries during the third quarter of 2023 compared to $29,000 in net recoveries for the same period in 2022. Set forth in the table below is certain asset quality information as of the dates indicated:

(Dollars in thousands)9/30/236/30/233/31/2312/31/229/30/22
Nonaccrual loans$13,887 $5,586 $4,485 $4,552 $4,612 
Foreclosed assets 101  315  315  101  - 
90 days past due and still accruing 320  476  -  -  - 
Total nonperforming assets$14,308 $6,377 $4,800 $4,653 $4,612 
      
Net charge-offs (recoveries)$(43)$86 $376 $(149)$(29)
Annualized net charge-offs (recoveries) to total     
average portfolio loans -0.05% 0.11% 0.49% -0.20% -0.04%
      
Ratio of total nonperforming assets to total assets 2.87% 1.32% 1.03% 1.04% 1.05%
Ratio of total nonperforming loans to total loans, net     
of allowance 4.17% 1.90% 1.43% 1.55% 1.60%
Ratio of total allowance for credit losses to total loans (1) 1.77% 1.87% 1.88% 2.23% 2.27%
      
(1) Does not include the Company's reserve for unfunded commitments
 

NET INTEREST INCOME AND MARGIN
Net interest income for the three months ended September 30, 2023, decreased $57,000 or 1% in comparison to the third quarter of 2022 primarily as a result of an increase in cost of funds outpacing the positive impact of growth in average loans outstanding between the two periods. Loan yields increased from 7.55% in the third quarter of 2022 to 8.36% for the same period in 2023. The increase in yield from the prior year reflected the impact of 225 basis points of rate increases by the Federal Open Market Committee (“FOMC”) during that 12-month period in response to current economic conditions, as well as a change in loan mix. Overall cost of funds increased from 0.66% in the third quarter of 2022 to 2.86% for the same period in 2023 as average retail certificate of deposit (“CD”) rates trended up and new CDs were originated at higher market rates. Net interest margin declined from 6.62% during the three months ended September 30, 2022, to 5.32% for the same period in 2023; however, the impact of that decrease was lessened by a period-over-period increase in average earning assets of $57.1 million.

For the nine months ended September 30, net interest income increased from $16.0 million in 2022 to $16.8 million in 2023. The increase of $764,000 or 5% was due to an increase in average loan volume slightly offset by a decrease in net interest margin. Average loans increased from $308.7 million for the nine months ended September 30, 2022 to $358.9 million for the same period in 2023. Net interest margin during those same periods decreased from 5.81% in 2022 to 5.54% in 2023.

 Three Months Ended Year-To-Date
(Dollars in thousands)9/30/236/30/233/31/2312/31/229/30/22 9/30/239/30/22
Average balances:        
Loans$373,847$357,272$345,651$331,508$312,475 $358,923$308,697
Available-for-sale securities 18,609 18,208 17,691 17,446 19,096  18,169 20,688
Other interest-bearing balances 26,670 29,445 28,998 20,367 30,378  28,371 40,022
Total interest-earning assets 419,126 404,925 392,340 369,321 361,949  405,463 369,407
Total assets 484,190 472,169 460,412 436,695 428,983  472,257 435,039
         
Noninterest-bearing deposits 80,390 78,676 98,555 113,851 94,013  85,874 92,534
Interest-bearing liabilities:        
Interest-bearing deposits 300,109 288,972 251,281 212,069 233,464  280,120 237,640
Borrowings 761 4,505 10,222 8,913 2,174  5,163 5,702
Total interest-bearing liabilities 300,870 293,477 261,503 220,982 235,638  285,283 243,342
Common shareholders' equity 95,362 91,281 88,574 84,831 88,043  91,739 89,735
Tangible common equity (1) 76,907 72,661 69,788 65,879 68,924  73,119 70,433
         
Interest income/expense:        
Loans$7,877$7,511$6,997$6,422$5,943 $22,385$17,057
Available-for-sale securities 146 133 120 64 105  399 298
Interest-bearing balances and other 345 392 319 257 169  1,056 300
Total interest income 8,368 8,036 7,436 6,743 6,217  23,840 17,655
Deposits 2,743 2,445 1,696 735 532  6,884 1,577
Borrowings 10 56 85 93 13  151 37
Total interest expense 2,753 2,501 1,781 828 545  7,035 1,614
Net interest income$5,615$5,535$5,655$5,915$5,672 $16,805$16,041
         
(1) See reconciliation of non-GAAP financial measures.
 


 Three Months Ended Year-To-Date
 9/30/236/30/233/31/2312/31/229/30/22 9/30/239/30/22
Average yields and costs:        
Loans8.36%8.43%8.21%7.69%7.55% 8.34%7.39%
Available-for-sale securities3.14%2.92%2.71%1.47%2.20% 2.93%1.92%
Interest-bearing balances and other5.13%5.34%4.46%5.01%2.21% 4.98%1.00%
Total interest-earning assets7.92%7.96%7.69%7.24%6.81% 7.86%6.39%
Interest-bearing deposits3.63%3.39%2.74%1.38%0.90% 3.29%0.89%
Borrowings5.21%4.99%3.37%4.14%2.37% 3.91%0.87%
Total interest-bearing liabilities3.63%3.42%2.76%1.49%0.92% 3.30%0.89%
Cost of funds2.86%2.70%2.01%0.98%0.66% 2.53%0.64%
Net interest margin5.32%5.48%5.85%6.35%6.22% 5.54%5.81%
 

NONINTEREST INCOME
Noninterest income for the three months ended September 30, 2023, was $5.1 million compared to $5.4 million for the same period in 2022. The decrease is primarily attributable to a lack of mortgage revenues in 2023 as the Company discontinued its mortgage operations in the fourth quarter of 2022 and a decrease in government guaranteed lending revenue quarter-over-quarter. Offsetting these decreases was an increase in the income of Windsor Advantage, LLC (“Windsor”), a subsidiary of the Company.

Specific items to note with respect to the most recently completed quarter include:

  • Windsor, which offers an SBA and USDA loan servicing platform, had processing and servicing revenue totaling $2.8 million, an increase of $616,000 or 28% as compared to the $2.2 million in income earned during the same prior-year period.
  • Mortgage revenue totaled $477,000 for the third quarter of 2022 compared to $0 in 2023. Due to the nationwide slowdown in refinancing volume and the impact of a doubling of long-term mortgage rates year-over-year, the Company had phased out its mortgage operations by the fourth quarter of 2022.
  • Government Guaranteed Lending revenue was $2.0 million in the third quarter of 2023, a decrease of $260,000 or 12% in comparison to the $2.2 million of revenues for the same period in 2022.

On a year-to-date basis, noninterest income has decreased $3.0 million or 13%. The decrease is primarily the result of the difference in each period’s mark-to-market income adjustment on the Company’s equity investment in Dogwood State Bank due to successful capital raises for Dogwood in the first quarter of both years. The capital raises helped to establish new market values. The prior year’s first quarter had a positive mark-to-market of $6.0 million compared to $2.0 million for the current year.

NONINTEREST EXPENSE
Noninterest expense for the third quarter of 2023 was $7.4 million, a decrease of $13.6 million or 65%, from $21.0 million for the third quarter of 2022. This change was primarily due to a decrease of $10.0 million or 94% in other operating expenses as a result of the $10.0 million litigation expense recorded in the third quarter of 2022. In addition to that decrease, every other noninterest expense category except professional services was down between the third quarter of 2022 and the same period in 2023 as the Company continues its efforts to decrease its overhead expenses in light of the changing economic environment. Most notably, compensation expense decreased $2.5 million or 36% going from $6.9 million in the third quarter of 2022 down to $4.4 million for the same period in 2023. Compensation expense has decreased in four consecutive quarters.

Loan and special asset related expenses, which tend to fluctuate unexpectedly, also decreased by $305,000 or 31% from $969,000 in the third quarter of 2022 to $664,000 for the same period in 2023.

The result of the decreases in all expense categories was a significant improvement in the efficiency ratio, which decreased from 189.7% during the third quarter of 2022 to 69.6% for the same period in 2023.

On a year-to-date basis, noninterest expenses decreased from $40.9 million for the first nine months of 2022 to $24.1 million for the same period in 2023, a decrease of $16.9 million or 41%. Other operating expenses was the biggest driver in the overall decrease, which declined by $10.6 million period-over-period again reflecting impact of the $10.0 million litigation expense. Compensation expense was the second largest reason for the decrease in total noninterest expenses, declining to $15.4 million in the first nine months of 2023 from $20.2 million in the same period in 2022, a decrease of $4.8 million or 24%.

ABOUT INTEGRATED FINANCIAL HOLDINGS, INC.
Integrated Financial Holdings, Inc. is a financial holding company based in Raleigh, North Carolina. The Company is the holding company for West Town Bank & Trust, an Illinois state-chartered bank. West Town Bank & Trust provides banking services through its full-service office located in the greater Chicago area. The Company is also the parent company of Windsor Advantage, LLC, a loan service provider that offers community banks and credit unions with a comprehensive outsourced U.S. Small Business Association (“SBA”) 7(a) and U.S. Department of Agriculture (“USDA”) lending platform. The Company is registered with and supervised by the Federal Reserve. West Town Bank & Trust’s primary regulators are the Illinois Department of Financial and Professional Regulation and the FDIC.

For more information, visit https://ifhinc.com/.

Important Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations, and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time this release was prepared. These statements can be identified by the use of words such as "expect," "anticipate," "estimate," "believe," variations of these words, and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values; that the value realized upon the sale of any foreclosed assets may be less than anticipated; changes in Small Business Administration rules, regulations, or loan products, including the section 7(a) program; changes in other government guaranteed loan programs or our ability to participate in such programs; changes in tax law, including the impact of such changes on our tax assets and liabilities; future governmental shutdowns that may impact revenues associated with our lending and other operations that are dependent on government guaranteed loan programs; changes in banking regulations and accounting principles, policies, or guidelines; the failure of our strategic investments or acquisitions to perform as anticipated and the impact of any impairments to our intangible assets, such as goodwill; the impact of our strategic initiatives on our ability to retain key employees; recent adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, our strategic initiatives, and regulatory response to these developments; adverse results (including judgments, costs, fines, reputational harm, financial settlements and/or other negative effects) from current or future litigation, regulatory proceedings, investigations, or similar matters, or developments related thereto; and the impact of competition from traditional or new sources, including non-bank financial service providers, such as Fintechs. These, and other factors that may emerge, could cause decisions and actual results to differ materially from current expectations. The Company assumes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

Contact: Steve Crouse, 919-861-8018

Consolidated Balance Sheets

 Ending Balance
(In thousands, unaudited)9/30/236/30/233/31/2312/31/229/30/22
Assets
     
Cash and due from banks$5,019 $3,582 $6,986 $7,553 $6,272 
Interest-bearing deposits 28,746  39,258  21,224  26,430  25,011 
 Total cash and cash equivalents 33,765  42,840  28,210  33,983  31,283 
Interest-bearing time deposits -  750  999  999  1,249 
Available-for-sale securities 17,827  18,977  17,504  17,712  17,460 
Marketable equity securities 19,980  19,980  19,980  17,982  17,982 
Loans held for sale 37,857  33,232  39,088  34,302  28,399 
Loans held for investment 346,842  325,673  319,465  300,764  295,416 
 Allowance for credit losses (6,128) (6,086) (6,011) (6,709) (6,710)
  Loans held for investment, net 340,714  319,587  313,454  294,055  288,706 
Premises and equipment, net 3,910  3,960  4,041  4,098  4,264 
Foreclosed assets 101  315  315  101  - 
Loan servicing assets 3,813  3,717  3,604  3,715  3,979 
Bank-owned life insurance 4,663  5,087  5,053  5,357  5,330 
Accrued interest receivable 3,664  3,280  3,090  2,997  2,485 
Goodwill 13,161  13,161  13,161  13,161  13,161 
Other intangible assets, net 5,184  5,350  5,517  5,682  5,848 
Other assets 14,570  11,872  13,243  13,719  17,293 
   Total assets$499,209 $482,108 $467,259 $447,863 $437,439 
         
Liabilities and Shareholders' Equity     
Liabilities     
Deposits:     
 Noninterest-bearing$84,901 $82,272 $76,554 $106,255 $106,272 
 Interest-bearing 307,467  296,805  279,735  206,872  218,835 
  Total deposits 392,368  379,077  356,289  313,127  325,107 
Borrowings -  -  10,000  30,000  5,000 
Accrued interest payable 1,042  1,014  806  379  370 
Other liabilities 9,409  7,655  10,101  17,600  23,557 
 Total liabilities 402,819  387,746  377,196  361,106  354,034 
Shareholders' equity:     
Common stock, voting 2,275  2,231  2,231  2,239  2,239 
Common stock, non-voting 22  22  22  22  22 
Additional paid in capital 25,503  25,253  25,137  24,916  24,674 
Retained earnings 71,565  69,165  65,570  62,611  60,248 
Accumulated other comprehensive loss (2,975) (2,309) (2,198) (2,301) (2,866)
 Total IFH, Inc. shareholders' equity 96,390  94,362  90,762  87,487  84,317 
Noncontrolling interest -  -  (699) (730) (912)
 Total shareholders' equity 96,390  94,362  90,063  86,757  83,405 
   Total liabilities and shareholders' equity$499,209 $482,108 $467,259 $447,863 $437,439 
 
 

Consolidated Statements of Income

(In thousands except perThree Months Ended Year-To-Date
share data; unaudited)9/30/236/30/233/31/2312/31/229/30/22 9/30/239/30/22
Interest income        
Loans$7,877$7,511 $6,997$6,422 $5,943  $22,385$17,057 
Available-for-sale securities and other 491 525  439 321  274   1,455 598 
Total interest income 8,368 8,036  7,436 6,743  6,217   23,840 17,655 
Interest expense        
Interest on deposits 2,743 2,445  1,696 735  532   6,884 1,577 
Interest on borrowings 10 56  85 93  13   151 37 
Total interest expense 2,753 2,501  1,781 828  545   7,035 1,614 
Net interest income 5,615 5,535  5,655 5,915  5,672   16,805 16,041 
Provision for credit losses 50 130  565 (150) 320   745 960 
Noninterest income        
Loan processing and servicing        
revenue 2,779 2,660  2,439 2,849  2,163   7,878 6,743 
Mortgage - -  - 99  477   - 1,716 
Government guaranteed lending 1,953 3,576  904 2,095  2,213   6,433 6,104 
SBA documentation preparation fees - -  - 2  78   - 350 
Service charges on deposits 41 52  133 240  182   226 404 
Bank-owned life insurance 128 34  555 26  27   717 85 
Change in fair value of marketable        
equity securities - -  1,998 -  -   1,998 5,994 
Other noninterest income 152 1,434  566 549  222   2,152 1,027 
Total noninterest income 5,053 7,756  6,595 5,860  5,362   19,404 22,423 
Noninterest expense        
Compensation 4,403 5,379  5,581 6,168  6,880   15,363 20,212 
Occupancy and equipment 314 318  344 303  402   976 1,000 
Loan and special asset expenses 664 346  293 57  969   1,303 2,098 
Professional services 433 446  448 676  207   1,327 1,249 
Data processing 233 247  265 272  263   745 783 
Software 446 469  469 467  460   1,384 1,311 
Communications 65 68  78 83  86   211 266 
Advertising 108 174  248 211  252   530 787 
Amortization of intangibles 166 166  166 169  170   498 510 
Merger related expenses - 61  116 192  561   177 561 
Other operating expenses 591 486  489 1,236  10,683   1,566 12,160 
Total noninterest expense 7,423 8,160  8,497 9,834  20,933   24,080 40,937 
Income (loss) before income taxes 3,195 5,001  3,188 2,091  (10,219)  11,384 (3,433)
Income tax expense (benefit) 795 1,416  778 (454) (2,646)  2,989 (751)
Net income (loss) 2,400 3,585  2,410 2,545  (7,573)  8,395 (2,682)
Noncontrolling interest - (10) 58 182  (40)  48 (120)
Net income (loss) attributable        
to IFH, Inc.$ 2,400$ 3,595 $ 2,352$ 2,363 $ (7,533) $ 8,347$ (2,562)
         
Basic earnings (loss) per common share$1.08$1.62 $1.06$1.08 $(3.45) $3.76$(1.18)
Diluted earnings (loss) per common share$1.06$1.60 $1.04$1.04 $(3.45) $3.69$(1.18)
Weighted average common shares        
outstanding 2,224 2,220  2,211 2,194  2,185   2,219 2,273 
Diluted average common shares        
outstanding 2,265 2,252  2,265 2,267  2,185   2,260 2,273 
         
         

Performance Ratios

  Three Months Ended Year-To-Date
  9/30/236/30/233/31/2312/31/229/30/22 9/30/239/30/22
PER COMMON SHARE        
 Basic earnings (loss) per common share$1.08 $1.62 $1.06 $1.08 $(3.45) $3.76 $(1.18)
 Diluted earnings (loss) per common share 1.06  1.60  1.04  1.04  (3.45)  3.69  (1.18)
 Book value per common share 41.98  41.90  40.28  38.69  37.29   41.98  37.29 
 Tangible book value per common share (2) 33.99  33.68  31.99  30.36  28.88   33.99  28.88 
          
FINANCIAL RATIOS (ANNUALIZED)        
 Return on average assets 1.97% 3.05% 2.07% 2.15% -6.97%  2.36% -0.79%
 Return on average common shareholders'        
 equity 9.98% 15.80% 10.77% 11.05% -33.95%  12.16% -3.82%
 Return on average tangible common        
 equity (2) 12.38% 19.84% 13.67% 14.23% -43.36%  15.26% -4.86%
 Net interest margin 5.32% 5.48% 5.85% 6.35% 6.22%  5.54% 5.81%
 Efficiency ratio (1) 69.6% 61.4% 69.4% 83.5% 189.7%  66.5% 106.4%
          
 (1) Efficiency ratio is calculated by dividing noninterest expense less transaction-related costs by the sum of net interest
 income and noninterest income, less gains or losses on sale of securities.
          
 (2) See reconciliation of non-GAAP measures
         

Loan Concentrations

The top ten commercial loan concentrations as of September 30, 2023, were as follows:

  % of
  Commercial
(Dollars in millions)AmountLoans
Solar electric power generation$76.625%
Power and communication line and related structures construction 64.021%
Lessors of nonresidential buildings (except miniwarehouses) 15.65%
Support activities for oil and gas 11.44%
Other activities related to real estate 11.24%
Postharvest Crop Activities 8.63%
Lessors of other real estate property 7.63%
Hotels (except casino hotels) and motels 6.72%
Colleges, universities and professional schools 6.52%
Lessors of residential buildings and dwellings 6.22%
 $214.471%
   

Reconciliation of Non-GAAP Measures

 9/30/236/30/233/31/2312/31/229/30/22   
 (Dollars in thousands except book value per share)   
Tangible book value per common share        
Total IFH, Inc. shareholders' equity$96,390 $94,362 $90,762 $87,487 $84,317    
Less: Goodwill 13,161  13,161  13,161  13,161  13,161    
Less Other intangible assets, net 5,184  5,350  5,517  5,682  5,848    
Total tangible common equity$78,045 $75,851 $72,084 $68,644 $65,308    
         
Ending common shares outstanding 2,296  2,252  2,253  2,261  2,261    
Tangible book value per common share$33.99 $33.68 $31.99 $30.36 $28.88    
         
 Three Months Ended Year-To-Date
(Dollars in thousands)9/30/236/30/233/31/2312/31/229/30/22 9/30/239/30/22
Return on average tangible common equity        
Average IFH, Inc. shareholders' equity$95,362 $91,281 $88,574 $84,831 $88,043  $91,739 $90,581 
Less: Average goodwill 13,161  13,161  13,161  13,161  13,161   13,161  13,161 
Less Average other intangible assets, net 5,294  5,459  5,625  5,791  5,958   5,459  6,232 
Average tangible common equity$76,907 $72,661 $69,788 $65,879 $68,924  $73,119 $71,188 
         
Net income (loss) attributable to IFH, Inc.$2,400 $3,595 $2,352 $2,363 $(7,533) $8,347 $(2,562)
Return on average tangible common equity 12.38% 19.84% 13.67% 14.23% -43.36%  15.26% -4.81%
                       

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